Form 8-K BRIDGE BANCORP INC For: Jan 29

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM�8-K

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CURRENT REPORT

PURSUANT TO SECTION�13 OR 15(d)�OF THE

SECURITIES EXCHANGE ACT OF 1934

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Date of report (Date of earliest event reported):� January�29, 2015

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BRIDGE BANCORP,�INC.

(Exact name of the registrant as specified in its charter)

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(631) 537-1000

(Registrant�s telephone number)

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N/A

(Former name or former address, if changed since last report)

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Check the appropriate box below if the Form�8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):

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o	Written communications pursuant to Rule�425 under the Securities Act (17 CFR 230.425)
o	Soliciting material pursuant to Rule�14a-12 under the Exchange Act (17 CFR 240.14a-12)
o	Pre-commencement communications pursuant to Rule�14d-2(b)�under the Exchange Act (17 CFR 240.14d-2(b))
o	Pre-commencement communications pursuant to Rule�13e-4(c)�under the Exchange Act (17 CFR 240.13e-4c)

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Item 2.02.���������������������������� Results of Operations and Financial Condition.

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On January�29, 2015, the Company issued a press release announcing its earnings for the fiscal quarter and year ended December�31, 2014.� A copy of the press release is attached to this Current Report on Form�8-K as Exhibit�99.1 and is incorporated herein by reference. The information contained in this Item�2.02, including the related information set forth in the Press Release attached hereto and incorporated by reference herein, is being �furnished� and shall not be deemed �filed� for the purposes of Section�18 of the Securities Exchange Act of 1934, as amended (the �Exchange Act�), or otherwise subject to the liabilities of that Section.

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Item 9.01.���������������������������� Financial Statements and Exhibits.

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(a)������� Not applicable.

(b)������ Not applicable.

(c)������� Not applicable.

(d)����� Exhibits.

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Exhibit�No.	�	Description
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�99.1	�	Press Release dated January�29, 2015, announcing the earnings of the Company for the fiscal quarter and year ended December�31, 2014.*

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*��������������������������������������� Furnished electronically as an exhibit to this Current Report on Form�8-K.� As further described in Item 2.02, this exhibit is being �furnished� and not �filed� with this Current Report on Form�8-K.

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SIGNATURE

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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�	Bridge Bancorp,�Inc.
�	(Registrant)
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�	/s/ Kevin M. O�Connor	�
�	Kevin M. O�Connor
�	President and Chief Executive Officer
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Dated: January�29, 2015

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Exhibit 99.1

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Press Release

FOR IMMEDIATE RELEASE

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Contact:	Howard H. Nolan
�	Senior Executive Vice President
�	Chief Financial Officer
�	(631) 537-1001, ext. 7255

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BRIDGE BANCORP,�INC.

REPORTS FOURTH QUARTER AND YEAR END 2014 RESULTS

Growth in Loans, Core Deposits and Record Core Net Income

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(Bridgehampton, NY � January�29, 2015) �Bridge Bancorp,�Inc. (NASDAQ: BDGE), the parent company of The Bridgehampton National Bank (�BNB�), today announced fourth quarter and year end results for 2014.� Highlights of the Company�s financial results for the quarter and year include:

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������Core net income of $4.9 million and $.42 per share for the quarter, a 31% increase over 2013.

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������Core net income of $18.3 million and $1.57 per share for the year 2014, 40% higher than 2013.

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������Returns on average assets and equity utilizing core net income for 2014 were .85% and 10.31%, respectively.

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������Net interest income for the year increased $16.3 million to $67.5 million, with a net interest margin of 3.41%.

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������Total assets of $2.3 billion at year end, 21% higher than 2013.

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������Loan growth of 32% for 2014, with loans exceeding $1.3 billion at year end.

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������Deposits of $1.83 billion at year end, a 19% increase compared to 2013.

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������Continued solid asset quality metrics and reserve coverage.

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������Declared a dividend of $.23 during the quarter.

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������Announced agreement to acquire Community National Bank in December�2014 and completed the acquisition of FNBNY Bancorp and its wholly owned subsidiary, the First National Bank of New York (collectively �FNBNY�) in February�2014.

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�2014 represented a year of significant accomplishments for BNB. We successfully completed the acquisition and integration of FNBNY in February�2014, increasing our franchise�s scale and extending our footprint into Nassau County. We also opened 3 new branches in Suffolk County: Bay Shore, Port Jefferson and Smithtown. Through acquisition and organic growth, we eclipsed $2.2 billion in assets, with $1.3 billion in loans and $1.8

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billion in deposits. Our strong financial performance continued with record levels of revenues and net income,� commented Kevin M. O�Connor, President and CEO of Bridge Bancorp,�Inc.

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�In December�2014, we announced the agreement to acquire Community National Bank (�CNB�), with 11 branches in Nassau, Suffolk, Queens and Manhattan and total assets of $945 million, including $750 million in loans and deposits of $826 million. We are enthusiastic about this acquisition as it continues our expansion into the prosperous lending markets of Nassau County and New York City, further accelerating our growth and enhancing our profitability. Following the acquisition, we will be one of the largest community banks operating on Long Island with $3.2 billion in assets, $2.6 billion in deposits and 40 branches serving the greater New York metropolitan area,� noted� Mr.�O�Connor.

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Net Earnings and Returns

Net income for this quarter was $4.2 million or $.36 per share, while core net income was $4.9 million or $.42 per share, a 31% increase compared to $3.7 million or $.33 per share, for the same period in 2013. Net income for 2014 was $13.8 million or $1.18 per share, while core net income was $18.3 million or $1.57 per share, a 40% increase compared to $13.0 million or $1.35 per share in 2013. Core net income reflects the quarterly and annual results adjusted for certain costs, net of tax, related to the completed FNBNY acquisition and the recently announced CNB acquisition as well as net securities gains and losses, and first quarter 2014 branch reconstructing cost. Rising net income reflects the growth in earning assets generating higher levels of net interest income, offsetting increases in operating expenses.� Returns on average assets and equity for 2014 were .64% and 7.76%, respectively, while core returns on average assets and equity were .85% and 10.31%, respectively.

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Interest income grew in 2014 as average earning assets increased by 25% or $396.4 million, and the net interest margin increased to 3.41% from 3.24%. Net interest margin increased in the fourth quarter to 3.36% from 3.25% in the fourth quarter of 2013. This improvement was primarily attributable to the positive impact of increased loan demand, higher deposit balances, higher yields on securities and lower cost of funds.

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The provision for loan losses was $.5 million for the quarter, $.2 million lower than the 2013 fourth quarter. For 2014, the provision was $2.2 million, a decrease of $.2 million from 2013.�The Company realized net recoveries of $.1 million for the 2014 fourth quarter, compared to net charge-offs of $.2 million in the 2013 fourth quarter and $.6 million of net charge-offs for 2014, a decrease from $.8 million in 2013.� These declines reflect an improving economy, increasing collateral values and stable asset quality trends.

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Total non-interest income increased $.3 million for the fourth quarter due to a $.4 million increase in other non interest income, partially offset by lower title revenue. During the year, total non-interest income declined $.7 million reflecting $1.7 million less in net securities gains, partially offset by higher other non-interest income associated with fee income, service charges and BOLI. Non-interest expense for 2014 increased in both the quarter and year due to costs associated with the acquired FNBNY operations, investments in new facilities, including three new branches, enhancements to technology, additional staffing and acquisition costs associated with both the FNBNY and CNB acquisitions.� Although non-interest expense increased in 2014, the Company�s ratio of core operating expenses to average assets decreased to 2.19% from 2.21% in 2013.

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�Our record revenues reflect the advantage of the Company�s greater scale. Core deposits generated from an expanding customer base funded the increase in our earning assets and provided capital for businesses and consumers in the communities we serve.� The growth in core net income reflects the positive impact of operating leverage associated with our increased scale. This scale along with our strong, well-capitalized balance sheet enables us to effectively execute our long-term community banking strategy,� stated Mr.�O�Connor.

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Balance Sheet and Asset Quality

Total assets were $2.3 billion at December�31, 2014, $392 million higher than 2013 and average assets for 2014 increased $448 million or 26%. This growth includes the assets from the FNBNY acquisition.�Loans grew $325.1 million to $1.34 billion at December�2014 compared to $1.01 billion at December�2013. The increase in loans was primarily driven by organic loan growth of $260.2 million or 26% over December�2013. Earning asset growth continues to be funded principally by deposits, which increased $294.7 million or 19% to $1.83 billion at December�2014. Demand deposits totaled $703.1 million, $120.2 million or 21% higher than December�2013.

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Asset quality measures remained strong as non-performing assets were $1.2 million or .05% of total assets at December�31, 2014, a decrease of $4.9 million from $6.1 million at December�31, 2013.� Non-performing loans of $1.2 million represent .09% of total loans, compared to $3.8 million or .38% at December�31, 2013.�Loans 30 to 89 days past due decreased $0.2 million to $1.3 million at December�31, 2014 from $1.5 million at December�31, 2013.

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The allowance for loan losses to total loans ratio includes the FNBNY acquired loans, recorded at their fair value, effectively netting estimated future losses against those loan balances. The allowance for loan losses increased $1.6 million to $17.6 million at December�31, 2014 from $16.0 million as of December�2013. The allowance as a percentage of BNB originated loans was 1.39% at December�2014, compared to 1.58% at December�2013. These declines reflect an improving economy, increasing collateral values, and improving asset quality trends.

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Stockholders� equity grew $15.7 million to $175.1 million at December�2014, compared to $159.5 million at December�2013.� The growth reflects earnings, as well as the capital raised in connection with the Dividend Reinvestment Plan, and an increase in the fair value of available for sale investment securities partially offset by shareholders� dividends. Overall, Tier 1 Capital increased to $189.5 million, $3.0 million higher than the December�2013 level.�The Company�s capital ratios continue to exceed all regulatory minimums and the Bank remains classified as well capitalized.

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CNB Acquisition Update

�We are excited about the future CNB acquisition and look forward to welcoming their customers.� We have been working closely with the Board, management and employees of CNB to ensure all our new and future customers benefit from the expanded branch network and our community banking model,� concluded Mr.�O�Connor.

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About Bridge Bancorp,�Inc.

Bridge Bancorp,�Inc. is a one bank holding company engaged in commercial banking and financial services through its wholly owned subsidiary, The Bridgehampton National Bank (�BNB�). Established in 1910, BNB, with assets of approximately $2.3 billion, and a primary market area of Suffolk and Southern Nassau Counties, Long Island, operates 29 retail branch locations and two loan production offices; one in Manhattan, and one in Riverhead, New York. Through its branch network and its electronic delivery channels, BNB provides deposit and loan products and financial services to local businesses, consumers and municipalities. Title insurance services are offered through BNB�s wholly owned subsidiary, Bridge Abstract. Bridge Financial Services,�Inc. offers financial planning and investment consultation.�For more information visit www.bridgenb.com

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BNB also has a rich tradition of involvement in the community, supporting programs and initiatives that promote local business, the environment, education, healthcare, social services and the arts.

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Please see the attached tables for selected financial information.

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This report may contain statements relating to the future results of the Company (including certain projections and business trends) that are considered �forward-looking statements� as defined in the Private Securities Litigation Reform Act of 1995 (the �PSLRA�).� Such forward-looking statements, in addition to historical information, involve risk and uncertainties, and are based on the beliefs, assumptions and expectations of management of the Company.� Words such as �expects,�� �believes,�� �should,� �plans,� �anticipates,� �will,� �potential,� �could,� �intend,� �may,� �outlook,� �predict,� �project,� �would,� �estimated,� �assumes,� �likely,� and variation of such similar expressions are intended to identify such forward-looking statements.� Examples of forward-looking statements include, but are not limited to, possible or assumed estimates with respect to the financial condition, expected or anticipated revenue, and results of operations and business of the Company and CNB, including earnings growth; revenue growth in retail banking lending and other areas; origination volume in the� consumer, commercial and other lending businesses; current and future capital management programs; non-interest income levels, including fees from the title abstract subsidiary and banking services as well as product sales; tangible capital generation; market share; expense levels; and other business operations and strategies. �For this presentation, the Company claims the protection of the safe harbor for forward-looking statements contained in the PSLRA.

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Factors that could cause future results to vary from current management expectations include, but are not limited to, changing economic� conditions; legislative and regulatory changes, including increases in FDIC insurance rates; monetary and fiscal policies of the federal government; changes in tax policies; rates and regulations of federal, state and local tax authorities; changes in interest rates; deposit flows; the cost of funds; demands for loan products; demand for financial services; competition; changes in the quality and composition of the Bank�s loan and investment portfolios; changes in management�s business strategies; changes in accounting principles, policies or guidelines; changes in real estate values; an unexpected increase in operating costs; expanded regulatory requirements as a result of the Dodd-Frank Act, difficulties related to the integration of the businesses following the CNB merger, which could adversely affect operating results; and other risk factors discussed elsewhere, and in our reports filed with the Securities and Exchange Commission.�� The forward-looking statements are made as of the date of this report, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

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Bridge Bancorp will be filing a registration statement on Form�S-4 containing a proxy statement/prospectus and other documents with the SEC regarding the proposed acquisition of Community National Bank.� Community National Bank stockholders and investors are urged to read the prospectus when it becomes available, because it will contain important information about Bridge Bancorp and Community National Bank. When available, copies of the prospectus will be mailed to Community National Bank stockholders.� When available, copies of the prospectus also may be obtained free of charge at the SEC�s web site at http://www.sec.gov, or by directing a request to Bridge Bancorp,�Inc., Attention: Corporate Secretary, 2200 Montauk Highway, Bridgehampton, New York, 11932, or on its website at www.bridgenb.com.

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Bridge Bancorp,�Inc. and Community National Bank and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Bridge Bancorp,�Inc. and Community National Bank in connection with the proposed transaction. Information about the directors and executive officers of Bridge Bancorp,�Inc. is set forth in the proxy statement, dated April�2, 2014, for the Bridge Bancorp,�Inc. 2014 annual meeting of stockholders, as filed with the SEC on Schedule 14A. Information about the directors and executive officers of Community National Bank and additional information about the interests of directors and executive officers of Bridge Bancorp,�Inc. and other persons who may be deemed participants in the transaction may be obtained by reading the joint proxy statement/prospectus included in the Form�S-4 when it becomes available.

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BRIDGE BANCORP,�INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Condition (unaudited)

(In thousands, except per share amounts and financial ratios)

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�	�	December�31,		�	December�31,		�
�	�	2014		�	2013		�
ASSETS	�	�		�	�		�
Cash and Due from Banks	�	$	45,109	�	$	39,997	�
Interest Earning Deposits with Banks	�	6,621		�	5,576		�
Total Cash and Cash Equivalents	�	51,730		�	45,573		�
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Securities Available for Sale, at Fair Value	�	587,184		�	575,179		�
Securities Held to Maturity	�	214,927		�	201,328		�
Total Securities	�	802,111		�	776,507		�
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Securities, Restricted	�	10,037		�	7,034		�
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Loans Held for Investment	�	1,338,327		�	1,013,263		�
Less: Allowance for Loan Losses	�	(17,637		)	(16,001		)
Loans, net	�	1,320,690		�	997,262		�
Premises and Equipment, net	�	32,424		�	27,983		�
Goodwill and Other Intangible Assets	�	10,292		�	2,224		�
Accrued Interest Receivable and Other Assets	�	61,369		�	40,163		�
Total Assets	�	$	2,288,653	�	$	1,896,746	�
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LIABILITIES AND STOCKHOLDERS� EQUITY	�	�		�	�		�
Demand Deposits	�	$	703,130	�	$	582,938	�
Savings, NOW and Money Market Deposits	�	989,287		�	855,246		�
Certificates of Deposit of $100,000 or more	�	83,071		�	64,445		�
Other Time Deposits	�	58,291		�	36,450		�
Total Deposits	�	1,833,779		�	1,539,079		�
Federal Funds Purchased and Repurchase Agreements	�	111,263		�	75,370		�
Federal Home Loan Bank Advances	�	138,327		�	98,000		�
Junior Subordinated Debentures	�	16,002		�	16,002		�
Other Liabilities and Accrued Expenses	�	14,164		�	8,835		�
Total Liabilities	�	2,113,535		�	1,737,286		�
Total Stockholders� Equity	�	175,118		�	159,460		�
Total Liabilities and Stockholders� Equity	�	$	2,288,653	�	$	1,896,746	�
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Selected Financial Data:	�	�		�	�		�
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Tangible Book Value Per Share	�	$	14.15	�	$	13.90	�
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Capital Ratios:	�	�		�	�		�
Total Capital (to risk weighted assets)	�	13.0		%	16.3		%
Tier 1 Capital (to risk weighted assets)	�	11.9		%	15.1		%
Tier 1 Capital (to average assets)	�	8.4		%	10.3		%
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Asset Quality:	�	�		�	�		�
Loans 30-89 days past due	�	$	1,310	�	$	1,549	�
Loans 90 days past due and accruing	�	$	144	�	$	1	�
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Non-performing loans	�	$	1,203	�	$	3,821	�
Real estate owned	�	�		�	2,242		�
Non-performing assets	�	$	1,203	�	$	6,063	�
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Non-performing loans/Total loans	�	0.09		%	0.38		%
Non-performing assets/Total assets	�	0.05		%	0.32		%
Allowance/Non-performing loans	�	1466.08		%	418.76		%
Allowance/Total loans	�	1.32		%	1.58		%
Allowance/Originated loans	�	1.39		%	1.58		%

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BRIDGE BANCORP,�INC. AND SUBSIDIARIES

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Condensed Consolidated Statements of� Income� (unaudited)

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(In thousands, except per share amounts and financial ratios)

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�	�	Three months ended					�	�	Twelve months ended					�
�	�	December�31,					�	�	December�31,					�
�	�	2014		�	2013		�	�	2014		�	2013		�
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Interest Income	�	$	19,603	�	$	15,678	�	�	$	74,910	�	$	58,430	�
Interest Expense	�	1,866		�	1,802		�	�	7,460		�	7,272		�
Net Interest Income	�	17,737		�	13,876		�	�	67,450		�	51,158		�
Provision for Loan Losses	�	500		�	700		�	�	2,200		�	2,350		�
Net Interest Income after Provision for Loan Losses	�	17,237		�	13,176		�	�	65,250		�	48,808		�
Other Non Interest Income	�	2,002		�	1,613		�	�	7,594		�	6,545		�
Title Fee Income	�	479		�	646		�	�	1,662		�	1,687		�
Net Securities Gains (Losses)	�	29		�	�		�	�	(1,090		)	659		�
Total Non Interest Income	�	2,510		�	2,259		�	�	8,166		�	8,891		�
Salaries and Benefits	�	6,737		�	5,520		�	�	26,011		�	21,532		�
Acquisition Costs and Branch Restructuring	�	770		�	161		�	�	5,504		�	499		�
Amortization of Core Deposit Intangible	�	50		�	14		�	�	300		�	59		�
Other Non Interest Expense	�	5,626		�	4,118		�	�	20,599		�	15,847		�
Total Non Interest Expense	�	13,183		�	9,813		�	�	52,414		�	37,937		�
Income Before Income Taxes	�	6,564		�	5,622		�	�	21,002		�	19,762		�
Provision for Income Taxes	�	2,396		�	2,017		�	�	7,239		�	6,669		�
Net Income	�	$	4,168	�	$	3,605	�	�	$	13,763	�	$	13,093	�
Basic and Diluted Earnings Per Share	�	$	0.36	�	$	0.32	�	�	$	1.18	�	$	1.36	�
Weighted Average Common Shares	�	11,649		�	11,115		�	�	11,600		�	9,594		�
�	�	�		�	�		�	�	�		�	�		�
Selected Financial Data:	�	�		�	�		�	�	�		�	�		�
�	�	�		�	�		�	�	�		�	�		�
Return on Average Total Assets	�	0.73		%	0.79		%	�	0.64		%	0.77		%
Acquisition Costs and Branch Restructuring, Net of Tax	�	0.13		%	0.02		%	�	0.18		%	0.02		%
Net Securities Losses (Gains), Net of Tax	�	(0.01		%)	0.00		%	�	0.03		%	(0.02		%)
Core Return on Average Total Assets	�	0.85		%	0.81		%	�	0.85		%	0.77		%
�	�	�		�	�		�	�	�		�	�		�
Return on Average Stockholders� Equity	�	9.16		%	8.72		%	�	7.76		%	9.89		%
Acquisition Costs and Branch Restructuring, Net of Tax	�	1.60		%	0.27		%	�	2.15		%	0.29		%
Net Securities Losses (Gains), Net of Tax	�	(0.04		%)	0.00		%	�	0.40		%	(0.34		%)
Core Return on Average Stockholders� Equity	�	10.72		%	8.99		%	�	10.31		%	9.84		%
�	�	�		�	�		�	�	�		�	�		�
Net Interest Margin	�	3.36		%	3.25		%	�	3.41		%	3.24		%
Core Efficiency	�	60.45		%	58.71		%	�	59.96		%	61.71		%
Core Operating Expense as a % of Average Assets	�	2.16		%	2.11		%	�	2.19		%	2.21		%

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Reconciliation of GAAP and core net income and earnings per share for the three and twelve months ended December�31, 2014 and 2013:

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�

�

Three months ended

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Twelve months ended

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�

�

December�31,

�

December�31,

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�

�

2014

�

2013

�

2014

�

2013

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�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

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Net Income Reported/Diluted Earnings Per Share - (GAAP)

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$

4,168

�

$

0.36

�

$

3,605

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$

0.32

�

$

13,763

�

$

1.18

�

$

13,093

�

$

1.36

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Adjustments:

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�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

Acquisition Costs and Branch Restructuring, Net of Tax

�

730

�

0.06

�

114

�

0.01

�

3,812

�

0.33

�

376

�

0.04

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Net Securities (Gains) Losses, Net of Tax

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(18

)

�

�

�

�

�

�

709

�

0.06

�

(447

)

(0.05

)

Net Income/Diluted Earnings Per Share - Core

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$

4,880

�

$

0.42

�

$

3,719

�

$

0.33

�

$

18,284

�

$

1.57

�

$

13,022

�

$

1.35

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The table above provides a reconciliation of GAAP net income and core net income (GAAP net income adjusted for acquisition costs for FNBNY�& CNB, branch restructuring costs, and net securities losses/gains) and GAAP earnings per share and core earnings per share.� The Company�s management believes the presentation of core net income and core earnings per share provides investors with a greater understanding of the Company�s operating results, in addition to the results measured in accordance with GAAP.� While management uses these non-GAAP measures in its analysis of the Company�s performance, this information should not be viewed as a substitute for financial results determined in accordance with GAAP or considered to be more important than financial results determined in accordance with GAAP.

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BRIDGE BANCORP,�INC. AND SUBSIDIARIES

Supplemental Financial Information

Condensed Consolidated Average Balance

Sheets And Average Rate Data (unaudited)

(Dollars in thousands)

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�

�

Three�months�ended�December�31,

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�

�

2014

�

2013

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�

�

�

�

�

�

Average

�

�

�

�

�

Average

�

�

�

Average

�

�

�

Yield/

�

Average

�

�

�

Yield/

�

�

�

Balance

�

Interest

�

Cost

�

Balance

�

Interest

�

Cost

�

Interest earning assets:

�

�

�

�

�

�

�

�

�

�

�

�

�

Loans, net (including loan fee income)

�

$

1,276,705

�

$

15,254

�

4.74

%

$

952,645

�

$

11,819

�

4.92

%

Securities

�

831,860

�

4,572

�

2.18

�

762,844

�

4,131

�

2.15

�

Deposits with banks

�

14,259

�

9

�

0.25

�

11,078

�

8

�

0.29

�

Total interest earning assets

�

2,122,824

�

19,835

�

3.71

�

1,726,567

�

15,958

�

3.67

�

Non interest earning assets:

�

�

�

�

�

�

�

�

�

�

�

�

�

Other Assets

�

152,442

�

�

�

�

�

86,597

�

�

�

�

�

Total assets

�

$

2,275,266

�

�

�

�

�

$

1,813,164

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

Interest bearing liabilities:

�

�

�

�

�

�

�

�

�

�

�

�

�

Deposits

�

$

1,155,844

�

$

1,056

�

0.36

%

$

964,293

�

$

1,130

�

0.46

%

Federal funds purchased and repurchase agreements

�

106,422

�

170

�

0.63

�

67,039

�

133

�

0.79

�

Federal Home Loan Bank advances

�

163,339

�

299

�

0.73

�

79,364

�

198

�

0.99

�

Junior Subordinated Debentures

�

16,002

�

341

�

8.45

�

16,002

�

341

�

8.45

�

Total interest bearing liabilities

�

1,441,607

�

1,866

�

0.51

�

1,126,698

�

1,802

�

0.63

�

Non interest bearing liabilities:

�

�

�

�

�

�

�

�

�

�

�

�

�

Demand deposits

�

636,969

�

�

�

�

�

512,118

�

�

�

�

�

Other liabilities

�

16,159

�

�

�

�

�

10,304

�

�

�

�

�

Total liabilities

�

2,094,735

�

�

�

�

�

1,649,120

�

�

�

�

�

Stockholders� equity

�

180,531

�

�

�

�

�

164,044

�

�

�

�

�

Total liabilities and stockholders� equity

�

$

2,275,266

�

�

�

�

�

$

1,813,164

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

Net interest income/interest rate spread

�

�

�

17,969

�

3.20

%

�

�

14,156

�

3.04

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

Net interest earning assets/net interest margin

�

$

681,217

�

�

�

3.36

%

$

599,869

�

�

�

3.25

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

Less: Tax equivalent adjustment

�

�

�

(232

)

�

�

�

�

(280

)

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

Net interest income

�

�

�

$

17,737

�

�

�

�

�

$

13,876

�

�

�

�

�

BRIDGE BANCORP,�INC. AND SUBSIDIARIES

Supplemental Financial Information

Condensed Consolidated Average Balance

Sheets And Average Rate Data (unaudited)

(Dollars in thousands)

�

�

�

Twelve�months�ended�December�31,

�

�

�

2014

�

2013

�

�

�

�

�

�

�

Average

�

�

�

�

�

Average

�

�

�

Average

�

�

�

Yield/

�

Average

�

�

�

Yield/

�

�

�

Balance

�

Interest

�

Cost

�

Balance

�

Interest

�

Cost

�

Interest earning assets:

�

�

�

�

�

�

�

�

�

�

�

�

�

Loans, net (including loan fee income)

�

$

1,176,715

�

$

57,637

�

4.90

%

$

883,511

�

$

45,257

�

5.12

%

Securities

�

821,742

�

18,271

�

2.22

�

721,163

�

14,323

�

1.99

�

Deposits with banks

�

12,423

�

32

�

0.26

�

9,773

�

28

�

0.29

�

Total interest earning assets

�

2,010,880

�

75,940

�

3.78

�

1,614,447

�

59,608

�

3.69

�

Non interest earning assets:

�

�

�

�

�

�

�

�

�

�

�

�

�

Other Assets

�

134,133

�

�

�

�

�

82,952

�

�

�

�

�

Total assets

�

$

2,145,013

�

�

�

�

�

$

1,697,399

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

Interest bearing liabilities:

�

�

�

�

�

�

�

�

�

�

�

�

�

Deposits

�

$

1,150,235

�

$

4,416

�

0.38

%

$

965,825

�

$

4,962

�

0.51

%

Federal funds purchased and repurchase agreements

�

81,768

�

588

�

0.72

�

59,747

�

505

�

0.85

�

Federal Home Loan Bank advances

�

125,949

�

1,091

�

0.87

�

41,113

�

440

�

1.07

�

Junior Subordinated Debentures

�

16,002

�

1,365

�

8.53

�

16,002

�

1,365

�

8.53

�

Total interest bearing liabilities

�

1,373,954

�

7,460

�

0.54

�

1,082,687

�

7,272

�

0.67

�

Non interest bearing liabilities:

�

�

�

�

�

�

�

�

�

�

�

�

�

Demand deposits

�

578,936

�

�

�

�

�

474,367

�

�

�

�

�

Other liabilities

�

14,714

�

�

�

�

�

7,993

�

�

�

�

�

Total liabilities

�

1,967,604

�

�

�

�

�

1,565,047

�

�

�

�

�

Stockholders� equity

�

177,409

�

�

�

�

�

132,352

�

�

�

�

�

Total liabilities and stockholders� equity

�

$

2,145,013

�

�

�

�

�

$

1,697,399

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

Net interest income/interest rate spread

�

�

�

68,480

�

3.24

%

�

�

52,336

�

3.02

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

Net interest earning assets/net interest margin

�

$

636,926

�

�

�

3.41

%

$

531,760

�

�

�

3.24

%

�

�

�

�

�

�

�

�

�

�

�

�

�

�

Less: Tax equivalent adjustment

�

�

�

(1,030

)

�

�

�

�

(1,178

)

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

Net interest income

�

�

�

$

67,450

�

�

�

�

�

$

51,158

�

�

�

�